Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| | | | | |
| Collection Period | September 2023 |
| Payment Date | 10/16/2023 |
| Transaction Month | 7 | |
Additional information about the structure, cashflows, defined terms and parties for this transaction can be found in the prospectus, available on the SEC website (http://www.sec.gov) under the registration number 333-258040 and at https://www.ford.com/finance/investor-center/asset-backed-securitization.
I. ORIGINAL DEAL PARAMETERS
| | | | | | | | | | | | | | | | | |
| Dollar Amount | | # of Receivables | | Weighted Avg Remaining Term at Cutoff |
| Initial Pool Balance | $ | 1,732,167,317.56 | | | 48,752 | | | 57.8 months |
| | | | | |
| Dollar Amount | | Note Interest Rate | | Final Scheduled Payment Date |
| Original Securities | | | | | |
| Class A-1 Notes | $ | 300,000,000.00 | | | 5.028 | % | | April 15, 2024 |
| Class A-2a Notes | $ | 359,000,000.00 | | | 5.14 | % | | March 15, 2026 |
| Class A-2b Notes | $ | 235,000,000.00 | | | 6.03328 | % | * | March 15, 2026 |
| Class A-3 Notes | $ | 510,000,000.00 | | | 4.65 | % | | February 15, 2028 |
| Class A-4 Notes | $ | 96,000,000.00 | | | 4.56 | % | | December 15, 2028 |
| Class B Notes | $ | 47,330,000.00 | | | 5.07 | % | | January 15, 2029 |
| Class C Notes | $ | 31,610,000.00 | | | 5.51 | % | | September 15, 2030 |
| Total | $ | 1,578,940,000.00 | | | | | |
| | | * 30-day average SOFR + 0.72% |
II. AVAILABLE FUNDS
| | | | | |
| Interest: | |
| Interest Collections | $ | 5,579,497.55 | |
| |
| Principal: | |
| Principal Collections | $ | 29,511,671.74 | |
| Prepayments in Full | $ | 14,570,581.39 | |
| Liquidation Proceeds | $ | 133,684.11 | |
| Recoveries | $ | 5,300.05 | |
| Sub Total | $ | 44,221,237.29 | |
| Collections | $ | 49,800,734.84 | |
| |
| Purchase Amounts: | |
| Purchase Amounts Related to Principal | $ | 137,578.74 | |
| Purchase Amounts Related to Interest | $ | 1,002.43 | |
| Sub Total | $ | 138,581.17 | |
| |
| Clean-up Call | $ | 0.00 | |
| |
| Reserve Account Draw Amount | $ | 0.00 | |
| |
| Available Funds - Total | $ | 49,939,316.01 | |
Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| | | | | |
| Collection Period | September 2023 |
| Payment Date | 10/16/2023 |
| Transaction Month | 7 | |
III. DISTRIBUTIONS
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Calculated Amount | | Amount Paid | | Shortfall | | Carryover Shortfall | | Remaining Available Funds |
| Trustee and Other Fees/Expenses | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 49,939,316.01 | |
| Servicing Fee | $ | 1,177,137.95 | | | $ | 1,177,137.95 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 48,762,178.06 | |
| Interest - Class A-1 Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 48,762,178.06 | |
| Interest - Class A-2a Notes | $ | 1,498,466.26 | | | $ | 1,498,466.26 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 47,263,711.80 | |
| Interest - Class A-2b Notes | $ | 1,189,737.59 | | | $ | 1,189,737.59 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 46,073,974.21 | |
| Interest - Class A-3 Notes | $ | 1,976,250.00 | | | $ | 1,976,250.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 44,097,724.21 | |
| Interest - Class A-4 Notes | $ | 364,800.00 | | | $ | 364,800.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 43,732,924.21 | |
| First Priority Principal Payment | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 43,732,924.21 | |
| Interest - Class B Notes | $ | 199,969.25 | | | $ | 199,969.25 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 43,532,954.96 | |
| Second Priority Principal Payment | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 43,532,954.96 | |
| Interest - Class C Notes | $ | 145,142.58 | | | $ | 145,142.58 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 43,387,812.38 | |
| Reserve Account Deposit | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 43,387,812.38 | |
| Regular Principal Payment | $ | 62,164,333.71 | | | $ | 43,387,812.38 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | |
| Additional Trustee and Other Fees/Expenses | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | |
| Residual Released to Depositor | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | |
| Total | | | $ | 49,939,316.01 | | | | | | | |
| | | | | | | | | |
| Principal Payment: | | | | | | | | | |
| First Priority Principal Payment | | | | | | | | | $ | 0.00 | |
| Second Priority Principal Payment | | | | | | | | | $ | 0.00 | |
| Regular Principal Payment | | | | | | | | | $ | 43,387,812.38 | |
| Total | | | | | | | | | $ | 43,387,812.38 | |
| | | | | | | | | |
IV. NOTEHOLDER PAYMENTS
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Noteholder Principal Payments | | Noteholder Interest Payments | | Total Payment |
| | | Per $1,000 of | | | | Per $1,000 of | | | | Per $1,000 of |
| Actual | | Original Balance | | Actual | | Original Balance | | Actual | | Original Balance |
| Class A-1 Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.00 | |
| Class A-2a Notes | $ | 26,222,600.41 | | | $ | 73.04 | | | $ | 1,498,466.26 | | | $ | 4.17 | | | $ | 27,721,066.67 | | | $ | 77.21 | |
| Class A-2b Notes | $ | 17,165,211.97 | | | $ | 73.04 | | | $ | 1,189,737.59 | | | $ | 5.06 | | | $ | 18,354,949.56 | | | $ | 78.10 | |
| Class A-3 Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 1,976,250.00 | | | $ | 3.88 | | | $ | 1,976,250.00 | | | $ | 3.88 | |
| Class A-4 Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 364,800.00 | | | $ | 3.80 | | | $ | 364,800.00 | | | $ | 3.80 | |
| Class B Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 199,969.25 | | | $ | 4.23 | | | $ | 199,969.25 | | | $ | 4.23 | |
| Class C Notes | $ | 0.00 | | | $ | 0.00 | | | $ | 145,142.58 | | | $ | 4.59 | | | $ | 145,142.58 | | | $ | 4.59 | |
| Total | $ | 43,387,812.38 | | | $ | 27.48 | | | $ | 5,374,365.68 | | | $ | 3.40 | | | $ | 48,762,178.06 | | | $ | 30.88 | |
| | | | | | | | | | | |
Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| | | | | |
| Collection Period | September 2023 |
| Payment Date | 10/16/2023 |
| Transaction Month | 7 | |
V. NOTE BALANCE AND POOL INFORMATION
| | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of Period | | End of Period |
| Balance | | Note Factor | | Balance | | Note Factor |
| Class A-1 Notes | $ | 0.00 | | | 0.0000000 | | $ | 0.00 | | | 0.0000000 |
| Class A-2a Notes | $ | 349,836,480.84 | | | 0.9744749 | | $ | 323,613,880.43 | | | 0.9014314 |
| Class A-2b Notes | $ | 229,001,596.09 | | | 0.9744749 | | $ | 211,836,384.12 | | | 0.9014314 |
| Class A-3 Notes | $ | 510,000,000.00 | | | 1.0000000 | | $ | 510,000,000.00 | | | 1.0000000 |
| Class A-4 Notes | $ | 96,000,000.00 | | | 1.0000000 | | $ | 96,000,000.00 | | | 1.0000000 |
| Class B Notes | $ | 47,330,000.00 | | | 1.0000000 | | $ | 47,330,000.00 | | | 1.0000000 |
| Class C Notes | $ | 31,610,000.00 | | | 1.0000000 | | $ | 31,610,000.00 | | | 1.0000000 |
| Total | $ | 1,263,778,076.93 | | | 0.8003965 | | $ | 1,220,390,264.55 | | | 0.7729174 |
| | | | | | | | | | | |
| Pool Information | | | |
| Weighted Average APR | 4.792 | % | | 4.807 | % |
| Weighted Average Remaining Term | 53.03 | | 52.25 |
| Number of Receivables Outstanding | 43,292 | | 42,413 |
| Pool Balance | $ | 1,412,565,539.87 | | | $ | 1,367,980,847.96 | |
| Adjusted Pool Balance (Pool Balance - YSOC Amount) | $ | 1,289,654,228.20 | | | $ | 1,249,765,042.31 | |
| Pool Factor | 0.8154902 | | 0.7897510 |
| | | |
VI. OVERCOLLATERALIZATION INFORMATION
| | | | | |
| Specified Reserve Balance | $ | 3,947,369.48 | |
| Yield Supplement Overcollateralization Amount | $ | 118,215,805.65 | |
| Targeted Overcollateralization Amount | $ | 166,367,104.74 | |
| Actual Overcollateralization Amount (EOP Pool Balance - EOP Note Balance) | $ | 147,590,583.41 | |
| |
VII. RECONCILIATION OF RESERVE ACCOUNT
| | | | | |
| Beginning Reserve Account Balance | $ | 3,947,369.48 | |
| Reserve Account Deposits Made | $ | 0.00 | |
| Reserve Account Draw Amount | $ | 0.00 | |
| Ending Reserve Account Balance | $ | 3,947,369.48 | |
| Change in Reserve Account Balance | $ | 0.00 | |
| Specified Reserve Balance | $ | 3,947,369.48 | |
| |
Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| | | | | |
| Collection Period | September 2023 |
| Payment Date | 10/16/2023 |
| Transaction Month | 7 | |
VIII. NET LOSS AND DELINQUENT RECEIVABLES
| | | | | | | | | | | | | | | | | |
| | | # of Receivables | | Amount |
| Current Collection Period Loss: | | | | | |
| Realized Loss (Charge-Offs) | | | 70 | | $ | 231,175.93 | |
| (Recoveries) | | | 9 | | $ | 5,300.05 | |
| Net Loss for Current Collection Period | | | | | $ | 225,875.88 | |
| Ratio of Net Loss for Current Collection Period to Beginning of Period Pool Balance (annualized) | | | | | 0.1919 | % |
| | | | | |
| Prior and Current Collection Periods Average Loss: | | | | | |
| | | | | |
| Ratio of Net Loss to the Average Pool Balance (annualized) | | | | | |
| Third Prior Collection Period | | | | | 0.1187 | % |
| Second Prior Collection Period | | 0.3618 | % |
| Prior Collection Period | | | | | 0.4555 | % |
| Current Collection Period | | | | | 0.1950 | % |
| Four Month Average (Current and Prior Three Collection Periods) | | | | | 0.2827 | % |
| | | | | |
| Cumulative Loss: | | | | | |
| Cumulative Realized Loss (Charge-Offs) | | | 429 | | $ | 1,630,410.76 | |
| (Cumulative Recoveries) | | | | | $ | 51,641.65 | |
| Cumulative Net Loss for All Collection Periods | | | | | $ | 1,578,769.11 | |
| Ratio of Cumulative Net Loss for all Collection Periods to Initial Pool Balance | | | | 0.0911 | % |
| | | | | |
| Average Realized Loss for Receivables that have experienced a Realized Loss | | | | | $ | 3,800.49 | |
| Average Net Loss for Receivables that have experienced a Realized Loss | | | | | $ | 3,680.11 | |
| | | | | |
| % of EOP Pool Balance | | # of Receivables | | Amount |
| Delinquent Receivables: | | | | | |
| 31-60 Days Delinquent | 0.63 | % | | 222 | | $ | 8,632,093.41 | |
| 61-90 Days Delinquent | 0.09 | % | | 30 | | $ | 1,284,848.65 | |
| 91-120 Days Delinquent | 0.02 | % | | 7 | | $ | 329,847.85 | |
| Over 120 Days Delinquent | 0.00 | % | | 1 | | $ | 53,583.84 | |
| Total Delinquent Receivables | 0.75 | % | | 260 | | $ | 10,300,373.75 | |
|
| Repossession Inventory: | | | | | |
| Repossessed in the Current Collection Period | | | 19 | | $ | 757,247.44 | |
| Total Repossessed Inventory | | | 26 | | $ | 1,123,061.99 | |
| | | | | |
| Number of 61+ Delinquent Receivables to EOP Number of Outstanding Receivables: | | |
| Second Prior Collection Period | | | | | 0.0948 | % |
| Prior Collection Period | | | | | 0.0970 | % |
| Current Collection Period | | | | | 0.0896 | % |
| Three Month Average | | | | | 0.0938 | % |
| | | | | |
| Delinquency Trigger (61+ Delinquent Receivables) | | | | | |
| Transaction Month | Trigger | | | | |
| 1-12 | 0.80% | | | | |
| 13-24 | 1.50% | | | | |
| 25-36 | 2.60% | | | | |
| 37+ | 4.40% | | | | |
| 61+ Delinquent Receivables Balance to EOP Pool Balance | | | | | 0.1220 | % |
| Delinquency Trigger Occurred | | | | | No |
Ford Credit Auto Owner Trust 2023-A
Monthly Investor Report
| | | | | |
| Collection Period | September 2023 |
| Payment Date | 10/16/2023 |
| Transaction Month | 7 | |
| | | | | | | | | | | | | | |
| Receivables Granted Extensions in the Current Collection Period: | # of Receivables | Amount |
| | | | |
| 1 Month Extended | | | 139 | $5,848,833.85 |
| 2 Months Extended | | | 115 | $4,717,490.78 |
| 3+ Months Extended | | | 15 | $755,917.46 |
| | | | |
| Total Receivables Extended | 269 | $11,322,242.09 |
IX. REPURCHASE DEMAND ACTIVITY (RULE 15Ga-1)
| | |
| No Activity to report |
|
| Most Recent Form ABS-15G for repurchase demand activity |
|
| Filed by: Ford Motor Credit Company LLC |
| CIK#: 0000038009 |
| Date: February 3, 2023 |
|
X. FLOATING RATE BENCHMARK: BENCHMARK TRANSITION
| | | | | |
| Benchmark Transition Event: | N/A |
| |
| Benchmark Replacement Date: | N/A |
| |
| Unadjusted Benchmark Replacement: | N/A |
| |
| Benchmark Replacement Adjustment: | N/A |
| |
| Benchmark Replacement Conforming Changes: | N/A |
| |
SERVICER CERTIFICATION
THIS REPORT IS ACCURATE IN ALL MATERIAL RESPECTS.
Ford Motor Credit Company LLC
/s/ Ryan M. Hershberger
Assistant Treasurer